Why MENA is becoming more and more interested in Crypto

Globally, the ecology and technology surrounding cryptocurrencies known as “Fintech” are changing quickly.
The prediction for 2024 states that the fintech industry will generate 214 billion US dollars in total revenue. Fintech sectors are significant in the MENA region, but initially the nations were wary of them.

The quick rise of bitcoin trading platforms with the passage of time begs the question of why MENA is becoming more interested in cryptocurrencies when the region previously had no desire to do so. In this development, the United Arab Emirates are at the fore. To satiate your hunger for information, keep reading!

Growth of cryptocurrencies in MENA

Money transfers and digital payments have been the most widely used fintech services since their introduction to the market. Then came additional savings and investing tools, along with insurance services. As of the writing of this article, 3.8 billion individuals worldwide use digital payment methods.

By the year 2025, this figure is anticipated to reach approximately five billion. The most direct banking service utilised by customers is digital payment in the Middle East and North Africa region. Fintech use among younger banking customers in the MENA region has grown in recent years as a result of the rise in smartphone usage.
hence promoting cryptocurrency’s development within it.

Ways to innovate

The governments of the nations in the MENA area are beginning to understand the importance of blockchain technology, which is another reason why the region is becoming increasingly involved in digital assets. Countries in the MENA area must stay up with the advancing technical breakthroughs because the world is changing so quickly.
Governments that have embraced blockchain technology and digital assets have been instrumental in advancing the digital transformation of the economy.

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Governmental Positions

One of the only explanations for why there is currently increased interest in the crypto-ecosystem is the growing use and acceptance of Fintech in the MENA region. As was previously said, the MENA region’s government has played a crucial role in the growth of interest.

To help with the transition of government transactions to blockchain in 2021, the United Arab Emirates, for instance, created the Emirates Blockchain Strategy 2021. The Multi Commodities Center (DMCC) in Dubai, on the other hand, established a Crypto centre earlier in 2021 to serve firms in the

blockchain industry and cryptography. The Saudi Arabian Monetary Authority used blockchain technology for money transfers in a similar manner.

Climate Change & Crypto

The sustainability feature of digital assets is another factor driving interest in crypto in the MENA. Many MENA nations are using crypto-based technology to help advance their environmental objectives. Green initiatives now have a special possibility thanks to blockchain and cryptocurrencies.
Businesses in the MENA region are utilising this nexus of sustainability and technology to support creative ventures.

Saudi Arabia and other nations are concentrating on producing renewable energy sources by 2030. Oil industry behemoths like Aramco have succeeded in making the switch to the blockchain, increasing its effectiveness and sustainability. Many initiatives in Dubai, like Dubai’s Sustainable City, Dubai South, and Desert Rose City, attempt to use the potential of blockchain to speed up procedures. These are essential inducements for other MENA nations to imitate them.

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Future Prognosis

The majority of blockchain-based projects that the Gulf governments have disclosed are either in the planning stage or the implementation stage. The projects are innovative, which increases their potential and the requirement for thorough pilot tests. There is no doubt that Blockchain technology will spread throughout the MENA area, particularly in the UAE, Saudi Arabia, and Bahrain, despite the early stages of development. E-government and IT initiatives are the future as the Gulf’s infrastructure continues to improve.

In conclusion

The number of major trading platforms and encrypted websites is growing throughout the MENA area. In particular, the UAE has played a significant role in establishing the FinTech association in the area. There is a strong likelihood that as development continues, interest from other nations will grow as well. If you are now considering making an investment in the crypto-system, it sounds like a sensible option.
The cryptocurrency ecosystem’s instability must eventually come to an end. Happy cryptography!

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